Chapter 3 Handout

which statement is true about the operating cycle a. the time needed from acquiring inventory from suppliers into collect cash from customers b. as longer cycle as better into the firm c. the time needed from acquiring inventory from suppliers into collect cash from customers and pay suppliers d. the time needed from acquiring inventory from suppliers into sell inventory into customers

Solve all questions Economic enterprises, each for profit and noncommercial, generate revenues through business processes that represent their revenue cycle. In its simplest kind, the revenue cycle is that the direct exchange of finished merchandise or services for take advantage one dealing between a trafficker and a customer.   a. Distinguish between a packing slip, a shipping notice and a bill of shipment.   b. All the businesses should have separate department for storage and shipping for his or her business operation. Discuss.   c. Discuss however the character of the mandatory control options is laid low with shift from a manual system to an oversized scale laptop based mostly method of accounting.

Revenue Cycle is:Select one:a. None of the aboveb. A recurring set of business activities and related to the process starting from finalizing product design and finishing off at cost accounting.c. A recurring set of business activities and related data processing operations associated with the purchase of and payment for goods and services.d. A recurring set of business activities and related information processing operations associated with providing goods and services to customers and collecting cash in payment for those sales.

Subject accouting information system please solve all questions

Which of the following is an agent in a purchases and payments structure model? Question 6Answer a. Cash disbursement b. Inventory c. Employee labour d. Supplier e. Receipt of goods

Classify which area in the organization these functions belong: Finance, Accounting, Marketing, Production Quality Control Sales Order Entry Credit Evaluation Cash Disbursement Promotion Maintenance Manufacturing Billing General Ledger Cash Receipts

The operating cycle is best described as the time between a.the formation of the company and the start of operations. b.production and sale of inventory. c.the sale of inventory and collection of receivables. d.purchase of goods for resale and collection of cash from customers.

What accounting activities make a merchandising business differ from a service business? A. owner's capital and drawing account B. purchasing of supplies and insurance C. purchasing and selling of products Alh Fh Ah

33-Selling expense of business are related to a. Managing the business b. Expansion of business c. Marketing and promotion of the product d. Decrease the purchase cost of business

An area of information that shows a company's ability to manage its assets, such as inventory and accounts receivable. Select one: O a. Solvency b. Liquidity c. Profitability d. Operations Management O

The accounting and finance department performs processes such as creating financial statements, paying accounts payables, and collecting accounts receivables. What form of processes do these represent? Customer-facing processes Business-facing processes Industry-specific customer-facing processes All of these

Who is responsible for credit and collection in a company?   Question 10 options:     the bookkeeper     the controller     the accountant     the treasurer

Activity 1. True or False. Write "TRUE" if the statement is correct and "FALSE" if the statement is incorrect. 1. The cost of sales method presents expenses in the income statement according to its nature. 2. The main source of revenue in a merchandising business is sales. 3. Selling expenses are expenses necessary in the management of the office. 4. Merchandise inventory beginning plus net cost of purchases is cost of goods sold. 5. Sales less cost of goods sold is gross profit. 6. The multi-step income statement is used only in a service concern business. 7. The income statement shows the result of operating as well as the financial standing of a company as to a given date. 8. Other expenses are expenses directly related to the sale of merchandise. 9. Goods available for sale less merchandise inventory beginning is cost of goods sold. 10.In preparing the income statement 1/3 of a company, management may choose between the single-step income statement or multiple-step income statement…

Activity 1. Classify Me Instruction: Identify each element or account title if it can be found on a service or merchandising business. Complete the table by putting a (v) check mark or (X) cross mark in the corresponding columns. ACCOUNTS SERVICE MERCHANDISING BUSINESS BUSINESS Ex. Professional Fees Sales Consulting Revenue Purchases Cost of Sales Inventory Beginning Referral Revenue Freight-In Purchase Returns and Allowances Advertising Revenue Purchase Discount Freight-out Unearned Revenue Utilities Expense Depreciation Expense Allowance for Bad debts Sales discount Supplies Sales Returns and allowances Advances to suppliers Advertising Expense

_______________________________ is generally referred as a parameter to check/test the efficiency of the business concern. Select one: A. Assets B. Liabilities C. Profit D. Capital

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The sales journal records the daily transactions of a business pertaining to: O a. Sales transactions done on the cash basis O b. Sales transactions both done on cash and credit bases O c. Only sales transactions done on credit basis O d. Sales transactions related to non-current assets

11-Which of the following is an example of Expense of a Merchandise Business? a. Accounts receivable b. Accounts payable c. Cash at Bank Muscat d. Salary and Wages paid by the business

QUESTION 8 On the income statement, interest revenue is found in     operating revenues and expenses.     other revenues or expenses.     the disposal of a business segment section.     the cost of goods sold section.

4. The operating cycle is typically defined as the time it requires to convert a. cash to inventory to receivablesb. raw materials to finished goodsc. finished goods to receivables to cashd. cash to inventory to receivables to cash